It should not be a secret to us brokers that sales have declined in recent months. You combine this with more brokers than ever entering the industry we are now in an ultra-high competitive industry.
What can you do to maintain or increase your sales in a declining sales marketplace?
If sales decline that results in an increase in inventory.
This makes it important to focus on pricing homes without speculation that it will be worth more in the future. Sellers and brokers will be caught off guard when homes stop selling in days and it turns into weeks.
Set expectations that a normalized marketplace could be 30, 60, 90 days on the market.
In 2010, I remember the average number of days on market at 489 days. There were homes on the market for over 1000 days. Yes, it can happen.
When working with buyers start tracking price reductions and back on market as opportunities on the hot sheet. Set expectations that we need to search for homes that people are overlooking. New listings will always have the most activity on them. After the 14-day market activity drops to nearly zero.
Not all review periods will result in a sale. If you have a buyer and they want a home but, they don’t want to compete. Track the review dates. Call the listing agent the day after or the day off. They might only have 1 offer or none…
…simply ask… Do you have any written offers that you believe are acceptable to the seller?
Follow up with. Do you think my buyer should make an offer on the property knowing it won’t be over the list price?
Back to what you can do to thrive in a declining sales market.
Don’t slow down. Be open-minded to change because you will have to adapt.
I can tell you our Group is adapting right now to the new environment from our marketing to our firm’s organizational structure. This will ensure we continue our broker’s growth.
If you have met me for coffee, you know I’m an open book and only care about one thing. You selling more homes and having more time to do what you want.
Reach out to me and let’s grab a coffee and talk about this marketplace and how you can continue your climb to success.
Text me at 509-670-1071. Any broker throughout North Central WA and Eastern WA.
Nick McLean Real Estate